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Markets remain firm; ONGC, Dr Reddy’s Lab shares advance

Share Source By

Dion Global

06 Jan 2017

The key domestic benchmark indices were trading in a positive terrain in the morning trading session

as traders got some support with the report of Financial Stability and Development Council (FSDC), headed by Finance Minister Arun Jaitley that India appeared to be much better placed with improved macro-economic fundamentals, as measures to eliminate shadow economy and tax evasion were expected to have positive impact on GDP.

The upcoming budget and assembly elections in UP, Punjab, Uttarakhand, Goa and Manipur would be key event to watch for which will set future direction for markets.

At 10:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 26985.44 up by 107.2 points or by 0.4 per cent, while the NSE Nifty was at 8304.9 points, trading higher by 31.1 points or by 0.38 per cent.

The BSE Sensex touched an intraday high of 27009.61 and an intraday low of 26913.58 while the NSE Nifty touched an intraday high of 8306.4 and an intraday low of 8280.85

The top gainers of the BSE Sensex pack were Oil And Natural Gas Corporation Ltd. (Rs. 204.25,+2.30 per cent), Dr. Reddy's Laboratories Ltd. (Rs. 3178.95,+1.36 per cent), ICICI Bank Ltd. (Rs. 260.50,+1.30 per cent), GAIL (India) Ltd. (Rs. 447.10,+1.18 per cent), State Bank of India (Rs. 248.30,+1.16 per cent), among others.

Meanwhile, Infosys Ltd. (Rs. 973.00,-2.35 per cent), Tata Consultancy Services Ltd. (Rs. 2292.00,-1.82 per cent), Wipro Ltd. (Rs. 474.50,-1.22 per cent), Axis Bank Ltd. (Rs. 457.35,-0.12 per cent), Maruti Suzuki India Ltd. (Rs. 5631.10,-0.07 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 2128 shares traded, 1311 shares advanced, 688 shares declined while 129 were unchanged.

On the global front, Asian stocks were trading mixed today with Japanese automakers coming under pressure following a tweet by President-elect Donald Trump directed at Toyota, as well as due to a stronger yen. The US markets closed on a subdued note in the previous trading session dragged down by a steep slide in the financial sector and major retailers.